Thursday 18 February 2016

Inland Waterways to be the game changer in industrial development - Nitin Gadkari

Business Standard
Union Minister for Shipping Shri Nitin Gadkari today emphasized on the need to reduce logistics cost, which would be imperative for the success of Make in India initiative. He was speaking at Sectoral Seminar on Opportunities in Shipping and Port Sectors as part of the Make In India Week in Mumbai. Shri Gadkari apprised the participants that a lot of initiatives including mechanization, modernization and capacity addition have already been undertaken in the Port sector with a massive investment of Rs. 80,000 crore. Similarly an Indian Port Rail Company has been established with a thrust on rail road connectivity. He informed the participants that 3 new ports i.e. Vadhavan (Maharashtra) with draft of 18 mtrs, Sagar (West Bengal) with draft of 14.5 mtrs and Kolachel (Tamil Nadu) with draft of 18.5 mtrs are being developed.

India to issue tenders for consultant for Colachel port by March

Live Mint
The government will issue tenders by March to find a consultant for the proposed transhipment port planned at Colachel in Tamil Nadu, Union minister of shipping and road transport Nitin Gadkari said on Wednesday. Colachel, Sagar in West Bengal and Wadhawan at Dahanu in Maharashtra will be the three new greenfield ports on the Indian coast, he said on the sidelines of the Make in India Week event in Mumbai. “We have already initiated investments worth Rs.80,000 crore for mechanisation, modernisation and computerisation of ports under Sagarmala project,” he said. Colachel is being promoted as transshipment hub because of deep drought of 18.5 metres as compared to Vizhinjam in Kerala, N. Muruganandam, managing director, Indian Ports Association said. The Vizhinjam port, being developed by Adani Group, was also considered to be promoted as a transhipment hub to capture the container business.
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Chennai Port tackles truck congestion

JOC
Chennai Port, India’s second-largest major, public, container handler in a trade announcement said it has effectively dealt with long truck turn times and congestion in the harbor through a slew of proactive measures. Following consultation with various stakeholders, the port authority concluded that the operation of a single round-the-clock gate while traffic restrictions were in place at the other three gates was the main cause for truck delays and congestion on roadways connecting terminals. “Chennai Port had been facing severe road congestion, especially from export-laden container trailers on port approach roads, resulting in long queues. This situation has affected the productivity of container terminals in the port,” the authority said. The port said the new measures included the setting up of a task force comprising officials from terminal management and state police agencies to regulate truck flow,

ABG Shipyard likely to finalise stake sale deal by March end: CEO

Economic Times
Cash-strapped ship builder ABG Shipyard will likely close the deal for a 51% stake sale by the end of this financial year, its managing director and CEO said Wednesday. Syed Abdi said the company has narrowed it down to one player for the stake sale and looking to raise about Rs 500 crore for its working capital requirements. Its market capitalisation as on Thursday end was Rs 245.03 crore. He confirmed the talks are for a strategic partnership and not with a private equity investor. SBI Capital Markets is managing the deal. ABG Shipyard has been trying for close to one year to look for a buyer, at the behest of its 22 lenders that are restructuring its Rs 11,000 crore debt, under a corporate debt restructuring package. The company was earlier in talks with Beirut headquartered Privinvest Holding SAL, a manufacturer of naval and commercial vessels, but the talks didn't progress, said Syed.
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Lorry parking facility to come up at Vallarpadam

The Hindu
The long-pending problem of lack of space on Vallarpadam island for parking container carriers is expected to end soon with the Cochin Port Trust handing over 3.5 acres to Indian Oil Corporation for developing a modern truck parking yard with various amenities. The land allotment order was handed over by Cochin Port Trust chairman Paul Antony to deputy general manager of the oil corporation V. Gopalakrishnan on Wednesday. Deputy chairman of the Port Trust G. Sentilvel and the traffic manager Unnikrishnan Nair were among the senior officials present at the brief function organised to mark the occasion. The lorry parking facility will come up close to the international container trans-shipment terminal on Vallarpadam. It will have various amenities like ATMs, food courts, rest rooms and toilet block for drivers. The land has been allotted to the oil corporation on concessional rate for a period of 30 years.

Exporters seek fiscal sops, service tax exemption

Business Line
With exports falling continuously for the past 14 months, exporters’ body Federation of Indian Export Organisations (FIEO) has called for fiscal incentives for the micro, small & medium enterprises (MSME) sector, correction of inverted duty structure and exemption from service tax, in its pre-Budget proposal for 2016-17 submitted to the government. “MSME exporters need to be provided additional export benefits to help them market their products aggressively in view of the current downfall in exports,” FIEO said in its recommendation. It also said that the inverted duty structure in respect of various items needs to be corrected in the Union Budget as it not only affects exports but also the manufacturing sector and the Centre’s `Make in India’ initiative. Inverted duties (where the import duty on inputs is more than that on finished products) exist in a number of sectors in the country such as marine products, chemicals, solar equipment, rubber and silk.
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No deals in shipping, port for two years

Business Standard
Private equity (PE) firms have stayed away from investing in shipping, ports and logistics for two years in a row. This shows they don't believe the fortunes will change much from the current grim situation. "PEs have stopped coming into the sector and there is no easy money for the shipping business," G Shivakumar, chief financial officer at Great Eastern Shipping, said in the third quarter earnings conference call. The company, like its peers, has given a negative outlook for the dry bulk trade division and did not provide valuations for the offshore business. The recent move by shipping and logistics company, Mercator, also speaks volumes about the grim situation. Mercator not only decided to exit the weak dry bulk business held via its Singapore subsidiary but also sold it to three PE companies for a token amount of three Singaporean dollars. The dry bulk trade across globe has virtually come to a standstill.

Govt should play the role of landlord port

Business Line
Mark Van Peel, President of Antwerp Port, the second largest European port owned by the local government, feels that while government should play the role of landlord port, concessions or development rights to private investors should be given based on welfare parameters rather than raising maximum funds. In an interview, Peel, who is visiting India, shared his views on promoting the use of LNG at Antwerp and other issues. Edited Excerpts: What are your investment plans in India? Our relationship with Essar was fruitful (Antwerp invested €25 million in Essar Ports in 2012, and exited with capital gains of €6.8 million in December 2015). We are going to continue to cooperate with them, but also look for other partners. We will meet others regarding furthering business through two subsidiaries – training centre with JN Port and Port of Antwerp International that looks after investment and does consultancy.
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Hover port work in Puducherry suspended

The Hindu
Chief Minister N. Rangasamy on Wednesday announced that the works for construction of a hover port in the coastal hamlet of Veerampattinam had been temporarily suspended and that the government will not do anything that is against the interests of fishermen. Talking to reporters here, he said that fishermen had been agitating over the hover port citing that it would hamper their free movement and routine fishing activities. He sought to dispel their fears. The land for the proposed hover port had been acquired by the government and handed over to the Indian Coast Guard several years ago. Mr. Rangasamy said that he would talk to the officials of the Indian Coast Guard and the Ministry concerned in the wake of the protests. The government would explore the option of shifting the project to an alternative site and till then the work would be kept in abeyance.
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Maersk announces raft of general rate increases worldwide

Sea News
Maersk Line will increase the rate from north Europe to west central Asia by US$100 per TEU, $150 per FEU and 40-foot high cube from March 1. This will apply to shipments from Finland, Russia, Lithuania, Estonia, Latvia to Bahrain, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Yemen, Bangladesh, India, Pakistan and Sri Lanka. Maersk also issued another general rate increase (GRI) adding US$100 per TEU, $150 per FEU and 40-foot high cube from March 1 for shipments from Ireland, United Kingdom to Bahrain, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Yemen, Bangladesh, India, Pakistan and Sri Lanka. Maersk will also increase the rate by US$150 per container for all shipments from north Europe to the Far East from March 1. Maersk will increase the rate $80 per TEU, $100 per FEU, reefer, 45-foot high cube for shipments from Ireland and UK to the Far East from March 1.

Cosco-CMA CGM plan with OOCL, Evergreen, would wreck most alliances

Sea News
A new mega alliance appears to be forming as French shipping giant CMA CGM and China Cosco lead efforts to set up a new carrier partnership that may yet include Hong Kong's Orient Overseas Container Line (OOCL), reports Paris-based Alphaliner. OOCL is understood to be reviewing its options after a high-level meeting with CMA CGM and Cosco in late January, said the Paris-based research house. The plan is to include OOCL and Taiwan's Evergreen that may well split up three of today's four main east-west alliances and leave Ocean Three, CKYHE and G6 alliances in tatters. CMA CGM already stated that it will pull APL out of the G6, once it takes over Singapore's APL in the second half of the year. The Marseilles-based carrier has also expressed the hope that the merged Cosco-CSCL will join the Marseilles-based carrier in a new alliance partnership.
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Mr Governor, please explain

Financial Express
Monday, February 15, brought two important bits of news—one most disappointing and the second most surprising. The disappointing news was that India’s exports declined for the 14th consecutive month. I do not recall a similar sustained rout of our most employment-intensive part of the economy in recent times. Exports, which averaged $26 billion per month during 2013-14, have plummeted to $21 billion over the last 12 months. This is an average decline of more than 16% each month for longer than a year. We will, of course, blame this precipitous regression on the terrible global conditions. Suffice it to say, that with a share of a mere 1.5% in global merchandise trade, this failure was surely not inevitable. We could try and raise our market share, as China has done by raising its share from about 1% of world trade in 1998 to 7.5% at present. India’s share has remained virtually stagnant.
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